It is a fact that cases of Internet credit card fraud have grown slowly over the years. However this is to be expected as the number of people making purchases over the internet has also risen. In 2006 it was estimated that 26.4 million people shopped online and that there were upwards of 372 million transactions. Despite these figures there are signs that Internet fraud is becoming more and more difficult to commit. Between 2004 and 2005 cases of Internet, phone and mail order fraud rose by 29% whereas between 2005 and 2006 they only rose by 5%. Why is this you may well ask? The reasons are simple: better card security and greater public awareness.
The greatest innovation in business, and general, credit card security is the introduction of MasterCard SecureCode and Verified by Visa. If you are using a card online it is important to make sure that you sign up with one of these services, depending on who manages your card payment transactions. They are free and help to prevent unauthorised card use by allowing you to password protect your Internet card use. It is also good to know that these services do not require the ordering of new card and don't need you to download any software to work.
One of the simplest methods that criminals use to collect card details is through the use of bogus emails. Even though these scams are well documented (and warnings are issued in the press and by banks) thousands of people fall for them each year. If you receive an email with a link in it you should simple ignore it. The problem is that the link may appear to be genuine but in fact redirects unsuspecting users to 'fake' website. These sites can also appear to be legitimate even though they are clever copies of the real websites. Often the address of these fake sites gives the game away as they will have suspect addresses. For example a power tool company, whose real address is www.powertools.com, may appear as www.bogus.org/powertools.htm.
Remember that no genuine website is going to ask for your business credit card PIN number. It has been agreed across the board that PIN numbers will not be used online. The majority of websites do however ask for your cards security code, the three digit number on the back of the card. If a site does ask for your PIN number take note of the site's address and report it to your card provider's anti-fraud department immediately.
It is also common for you to now be redirected to your card vendor's website before the completion of your purchase. Depending on the type of business credit card you have this will either be Visa or MasterCard. Both vendors have introduced an extra level of security, with password authentication, called 'Verified by Visa' or 'MasterCard SecureCode', respectively. Both of these services are legitimate and there should be no cause for concern.
With Internet card use on the rise it is hardly surprising that criminals come up with more and more inventive ways of swindling money out of the unsuspecting consumers. If you are careful, and follow the simple precautions mentioned above, then there is no reason why you should fall foul of such schemes. - 15224
The greatest innovation in business, and general, credit card security is the introduction of MasterCard SecureCode and Verified by Visa. If you are using a card online it is important to make sure that you sign up with one of these services, depending on who manages your card payment transactions. They are free and help to prevent unauthorised card use by allowing you to password protect your Internet card use. It is also good to know that these services do not require the ordering of new card and don't need you to download any software to work.
One of the simplest methods that criminals use to collect card details is through the use of bogus emails. Even though these scams are well documented (and warnings are issued in the press and by banks) thousands of people fall for them each year. If you receive an email with a link in it you should simple ignore it. The problem is that the link may appear to be genuine but in fact redirects unsuspecting users to 'fake' website. These sites can also appear to be legitimate even though they are clever copies of the real websites. Often the address of these fake sites gives the game away as they will have suspect addresses. For example a power tool company, whose real address is www.powertools.com, may appear as www.bogus.org/powertools.htm.
Remember that no genuine website is going to ask for your business credit card PIN number. It has been agreed across the board that PIN numbers will not be used online. The majority of websites do however ask for your cards security code, the three digit number on the back of the card. If a site does ask for your PIN number take note of the site's address and report it to your card provider's anti-fraud department immediately.
It is also common for you to now be redirected to your card vendor's website before the completion of your purchase. Depending on the type of business credit card you have this will either be Visa or MasterCard. Both vendors have introduced an extra level of security, with password authentication, called 'Verified by Visa' or 'MasterCard SecureCode', respectively. Both of these services are legitimate and there should be no cause for concern.
With Internet card use on the rise it is hardly surprising that criminals come up with more and more inventive ways of swindling money out of the unsuspecting consumers. If you are careful, and follow the simple precautions mentioned above, then there is no reason why you should fall foul of such schemes. - 15224
About the Author:
Tom Goodwin contributes financial articles for many finance related websites. Read more about the business credit card online and the business credit card here.
